Robust and predictable cash flow generation from main toll road network Strong competitive position in the Italian transport infrastructure sector Operations regulated under a long-term concession agreement Uncertain impact of new regulation Very large capital-expenditure program expected over the short to medium term Aggressive financial profile The ratings on Atlantia SpA (formerly Autostrade SpA) reflect its excellent business profile as Italy's largest motorway group, with a market share in Italy--through its operating subsidiaries--of about 60%, and its strong cash generation, derived largely from toll revenues under the Autostrade per l'Italia (ASPI) concession agreement expiring in 2038. These factors are offset, however, by regulatory risk, substantial planned capital expenditures in 2006-2012, and an aggressive financial profile. Atlantia's concessions generated 85% of
